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and businesses and consumers do not want to hear, it's a new tax on the internet. even downloads from ituness, who thinks that is a good idea? not me, here is good news "the kudlow report" begins right now. president obama in israel for the first same in his presidency, securing the relations with the allie in the middle east, here is what he had to say when greeted by benjamin netanyahu. it's in our fundamental security interest to stand with israel. it makes us both stronger and more prosperous and makes the world a better place. >> so question is, what exactly is the president hoping to accomplish in israel. here now we republican former u.s. ambassador and dan senor the coauthor of start up nation. joining me here on set for the hour, ryan grim, huff post washington bureau chief, and tony frato, former white house deputy press secretary. welcome to one and all, if i may go to you first, ambassador, there's all this media chatter that i'm reading today that president obama the not know what he wants to do and he has no agenda. it's said that he was the first u.s. president to visit israel
! >>> >>> the tiny island of cyprus sets off big scare with plans to set off the rule of law. they want to tax all bank depositors large and small to pay for a bailout. this has never happened before.e are in trouble. if nothing happens, optimism runs the show. cyprus is the money ground for dirty money from russia and other rogue nations. the government of cyprus is scared to death of insulting vladimir putin. we'll have an expert who will play this scenario out for us. "the kudlow report" begins right now. >>> first up, let's get the latest on the cyprus report. michelle joins us by phone. >> good evening. the details are changing, but the one core fact important to investors is true. for the first time ever in the european crisis, portions of bank accounts will be seized in order to pay for a bailout. cyprus agreed to this to get a 10 billion euro loan to bail out their banks. what is still unclear and controversial is whether insured deposits will also be seized. original plan was if you had an account in cyprus with less than 100,000 euros, would you have to pay a tax even though it falls bel
corporate tax reform. even pushing democrats on entitlement reform or so he says. now i know, i know, my favorite president reagan trust by verify, but i think there's some optimism out there and i'm going to do my best now to persuade my pal, conservative superstar ann coulter. she's the author on set for the full hour. jimmy williams. and michelle caruso-cabrera. ann coulter, i know you think i'm nuts but i'm telling you the stock market is a great signal. the republicans won on the sequester. obama's poll are down so now he's having to come to the negotiation table. i like this story. i want to be optimistic about this story. >> um, i want to be optimistic too. but i want to be realist jig. all,000 are the financial maven and i would normally defer to you, that's the only thing i'm pessimistic about. i think the economy -- i would not count on the stock market continuing to go up. i know nothing about it. i just don't think that what's happening in the company justifies it. people don't have any other place to put their money. i do think people will get fed up with obama. one thing i'
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
frantically looking to rejigger the tax. i stress, not eliminating the tax. maybe focus on the rich. take 20% of their dough. hard to say. this much is not. it is going to happen. because the government needs the dough. if they still want to get european union dough. it gets weird and complicated. desperate to stay in the euro club. does this ring a bell? it should. no one is taxing the bank holdings, thanks to obamacare, they are going after the other assets. 3.7% on investment sales larger than 100,000 grand. the next time you try to sell your house, trust me. you will hit the roof. think about that. tax not on your income, earned or unearned but your assets. what you have, what you own. your tangible assets. home here, bank account there. is there difference? no. no difference between american government taxing you for medical devices and what it deems as a medical insurance plan. taxing you not on what you make but what you have. the stuff you attain through life of work no, matter when you work or how much you made when you work. stuff you got now. to government, it sees that y
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
on spending and taxes. so far, the game is not going very well. >> is the grand bargain dead? >> i don't know whether we can come to a big agreement. the president believes that we have to have more taxes from the american people. we're not going to get very far. >> the president has sounded equally pessimistic about bridging the divide. >> it may be that the differences are just too wide. if their position is we can't do any revenue, or we can only do revenue if we gut medicare or gut social security or gut medicaid, if that's the position, then we're probably not going to be able to get a deal. >> while there's not much agreement there are plenty of ideas. washington is awash in budgets. no less than six plans are currently circulating on the hill. there is the plan from senate democrats, or the murray plan. it includes a one-to-one ratio of spending cuts and tax increaseses, as well as short-term stimulus. then there's the house democrats' budget, which pushes for $200 billion more in revenue than the plan proposed by their party members in the upper chamber and there is a congressional pr
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
to try to evade this 24% capital gains tax on second houses. >> a great point and one that reminds you of bubbly periods from other markets around the world like the u.s. maybe within the last couple of years and demand is usually a sign that the market is off kilter. thanks very much this morning. >>> and market reaction to that was broadly a sell-off across asia and now turning to russia, president vladimir putin has chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail gian
a plan for the new budget, including new taxes. how much you ask? reaction from one of the top republican leaders in the house on that dollar figure. martha: how about this? there is a report out there that a hacker is giving out confidential memos on the terror attack in benghazi. how could this have happened when lawmakers and the victims families still do not have any answers in terms of what they have been demanding? big questions this morning. john bolton on that. >> the security in benghazi was a struggle and remain ad struggle throughout my time there. the situation remained uncertain and the reports from some libyans indicated it was getting worse. diplomatic security remained weak. in april there was only one u.s. diplomatic security agent stationed there. ♪ [ male announcer ] help brazil reduce its overall reliance on foreign imports with the launch of the country's largest petrochemical operation. ♪ when emerson takes up the challenge, "it's never been done before" simply bemes consider it solved. emerson. ♪ given way to sleeping. tossing and turning have where sleepless
to be? the monopoly man smoking a cigar? let's take a look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to r
the ryan plan and murray plan, that would create a fast-track process that would allow big tax and entitlement package to happen but that will obama happen, chris, if both parties agree and, of course, that has just not happened so far. >> yeah. speaking of not agreeing, let me play for you what paul ryan had to say this morning on "morning joe". >> i don't think patty's budget gives a lot of room for that common ground but i think this is where the president can get engaged, which is we can find common ground on spending cuts towards getting our debt stabilized. >> shira, will the budget process lend itself to negotiating? >> i don't think the regular budget process lends itself on this scale. two sides are so far apart right now. that said, i'm not even sure the president is the right person to negotiate any kind of package right now. we'll see how his visit goes with house republicans today. i'd love to be a fly on that wall in that room to see how that goes. i don't know if he's in the right position to do it. i think it needs to come, if anywhere, from the senate side. the
are losing due to this tax. >> hank smith, it is pretty extraordinary depositors have to pay for a bailout they didn't necessarily authorize. what do you think about what peter said? is this a recipe that would be used elsewhere in the world? >> i highly down it, maria. look, i think we should take great confidence in our banking system now compared to where we were four or five years ago. our banks are very healthy. t.a.r.p. was a good thing. it protected the financial system and the confidence in the financial system. and our banks are in great shape -- >> they're in the worst shape they've ever been. >> oh, no. >> they're a few interest rate hikes away from insolvency. that's why the fed is keeping rates at zero. >> wait a second. peter, you're saying the banks are a couple interest point ace way from insolvency? >> why to you think when the fed did the stress tests they didn't ask the banks to stress test a collapse in the bond market? they only looked at the stock market or maybe real estate. when interest rates rise substantially, the major banks are going to fail. their balance shee
way, both by smart cuts, by closing all of those tax loopholes for high-income people. by the way, mitt romney and paul ryan talked about during the campaign -- those tax breaks are all still there. by eliminating those tax breaks, we can take a balanced approach to reducing the long-term deficit. which is an issue. but you shouldn't sacrifice economic growth now, on the altar of deep cuts and an austerity philosophy. >> i want to bring the panel in because you know, the congressman talks about making smart cuts now. what's in it for democrats to do any grand bargaining at all. any savings that would be applied in cutting the budget, would not be applied to their priorities. it's not as if you're going to reduce government spending on x and spend it more on the poor, spend it more on things democrats care b. why are democrats arguing for a budget at all? >> you and i don't agree on this, joanne. i think long-term, as congressman van holland says, you have to create a sustainable budget path. with the baby boomers, retirement and all sorts of other huge coming costs, we need to hav
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white pe
.85 trillion off the deficit over the next decade. it does so by raising nearly $1 trillion in new tax revenue, by cutting tax expenditures, and closing loopholes in the tax code and cutting $733 billion in spending. the remainder of the package is made up of savings on interest payments. murray's budget includes $275 billion in some health care cuts, less than the $400 billion the president previously put on the table and what he talked about in the state of the union. it includes $240 billion in defense cuts. senate democrats also propose $100 billion on new stimulus spending on infrastructure projects. >>> the budget includes no change to social security. the president reportedly faced some skepticism yesterday when he spoke to senate democrats about potential plans to switch to a, quote, chained cpi, which could lower the rate at which social security benefits are increased and cut the cost of the program in the long run. this morning, the liberal "huffington post" has a banner headline quoting senator tom harkin. quote, he said he hopes we reach some grand bargain. but what is in that gra
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. michigan's governor is not waiting any longer for a plan from the city government in a very dramatic move today he named the washington attorney kevin orosz to take over the city as emergency manager. the republican governor rick schneider is joining us with kevyn orr. thanks very much for joining us. >> great to be with you. >> thanks for inviting us. >> mr. orr, let me start with you. what are you going to do? you have about 18 months to try to get detroit's finances in order. >> wolf, the first thing is make an assessment if i can of enhancing city services to the citizens of detroit. i'm going to sit down with consultants and restructuring team that the governor has in place to try to prioritize what we need to do next based upo
to panic about a possible tax, they try to withdraw their funds you could see big problems for european banks. >> maybe this might help in a small way. talk about a billion-dollar business and that's college ball. >> that's exactly right. total ad revenue for the tournament surpassing $1 billion in 2012. making it larger than any other professional post-season championship. . that's according to cantor media. costing $1.4 million this year. spam posting a video with sir camelot screaming that he can't get over the madness of march. i'm not sure what to say. >> i'm going to put my money down on cal. jackie deangelis, thank you. >>> consumers are generally satisfied with their shopping experiences. here are the retailers with the worst customer service according to the american consumer satisfaction index. number five, sears. cvs. safeway. number two, netflix, and walmart, the lowest rated store in the subject since 2007. ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal r
. it will call for about $1 trillion in new revenues by closing tax loopholes and about 1 trillion in spending cuts at the same time but no structural changes to medicare and the question is will that get -- do either of these plans get anybody anywhere or is everyone talking to themselves? >> they're talking to themselves. we discussed it yesterday. in the last negotiations you still have the fact there are republicans who think that the republicans gave too much and then there are democrats who think that the democrats didn't get enough. so you have those clashing interests. >> i think what happened in january kind of derailed everything because by having these incremental advances instead of a grand bargain throws off the possibility that you do get the grand bargain. you see both sides digging in making sure they respond to their base saying the types of things that their base wants to hear. >> there's a good piece in politico. i don't know if you saw it that michael allen wrote that really sort of walks through why the grand bargain may never happen and i think -- i don't know if it's ben
swallowed a man in the middle of his golf game. trapped in a pile of mud 18 feet below ground. >>> and a tax season snafu causes refund delays of more than a month. find out if your refund is one of them. live in the cnn newsroom. >>> good morning. thank you for being with us. i'm carol costello. we begin this morning at the vatican, where billowing black smoke reveals the catholic church is in search of a leader. cardinals have voted three times now and have not selected a new pope. things get even more interesting. the cardinals enter the conclave with no clear front-runner and we are wondering, if the election is deadlocked or if they are ziering in on a successor to pope benedict. chris cuomo, let's start with you. the cardinals breaking for a long lunch. how much has this process been pushed along? >> well this is the most important part of the day you could argue, carol. they are not allowed to politic in the conclave. more of a religious ceremony than a convention this is their chance. they eat, rest, move around, go in different rooms. we are told, of course, they take time to pray.
because of the near 40% federal tax rate and the 15% state tax rate and doesn't include, state taxes, payroll taxes, extremely high. >> clayton: gas prices are through the roof there. >> alisyn: on and on. >> tucker: i don't think he should complain, he's one of the reasons why. as a native california, i blame bill maher. that's my home state, i think he should be quiet and pay the taxes. >> alisyn: maybe a change of heart. >> tucker: maybe, but i think he should pay the results of his consequences. doesn't run away at that jackson hole, bill maher. >> clayton: perhaps headed to cpac, i don't know if that's going to happen. a straw poll squeaker yesterday in cpac, two raising republican stars neck and neck. only one could come out on top. elizabeth prann. >> reporter: and wrapping up the three day stint, leaving rand paul feeling charmed after he won the straw poll. after the filibuster on the floor. and coming in second, florida senator marco rubio, about 23% of the vote. rick santorum 8% of the vote and followed by governor chris christie who wasn'tnvited. there was serious discus
have bank accounts would be taxed one time on their deposits. so if someone has an account with $129,000 or less, they would have to fork over almost $9,000. that's a 6.7% tax. people who live there as you can imagine, they're really nervous about this tax. over the weekend, many rushed to withdraw their money out of the bank. this is what's unnerving the markets right now. about 15 minutes before the opening bell. >> al wlis siclisoison kosik li york stock exchange. >>> the heat tied a leg record for the second most con secreta consecutive wins. they will try to extend the streak in boston tonight when the celtics have their own run going, 11 straight home wins. >>> another miami basketball team is also on a roll, though. the university of miami hurricanes beat north carolina to become atlantic coast conference champs and advance to the ncaa tournament. 67 other teamses are in the big dance which tips off tomorrow. that means it's time to fill out those brackets. carlos diaz is checking a huge one here in the cnn center. wow, carlos. ♪ ♪ indiana, indiana, we're all for you, we w
indicating maybe the consumer is not feeling the pinch of higher taxes. meantime, coach popping pre-market on an upgrade from city. as a new report shows that it has been outspending apple in advertising to clench the market share gains it has seen. >> one step closer to getting the 787 back in the skies. the nefaa, a step to ending the two-month long grounding. >> we begin with the markets, by the skin of its teeth, the dow extending the winning streak and posting a record high close for the sixth consecutive day and the s&p closed higher despite hitting fresh five-year highs during yesterday's session. >> the bright spots here is what we saw managed to close higher yesterday were cyclical areas, semiconductors, energy and we had health care participating in that rally and bristol-myers. 11-year highs on that one. >> they screwed up badly and they bought a drug, not unlike glaxo they had, and it was red wine derivative drug and they fell. i will point out that the macarena is central to the thinking. >> really? >> because i went back and looked at this period november 1996 and was
i'm listening but we've got to begin this talk by raising taxes. and then they got into some policy. >>alisyn: let's hear more about exactly what was said in these meetings. >> one of my favorite moments was when one of my colleagues said mr. president, it is not all that helpful to have you publicly questioning our motives, publicly accusing us of wanting to eviscerate medicaid, for example, simply because we want to call for reform or block grants. >> and his answer was? >> i don't speak nearly as badly about you as some of you do about me. >> who asked that? >> it was jon [inaudible] i thought he did a great job in answering the question. he was deferential in the way he did it. the point needed to be make. the president's response was unsatisfactory. it overlooked the fact that most of the time we criticize him but we generally don't question his motives. we don't question whether or not he generally cares about the american people. that is a problem. that is a difference. >>steve: you can tell the vicious attacks over the last couple of years really hurt. okay, he's up here now
? through massive tax hikes or more likely massive government cuts. if we have an unsustainable government now and get to the point where interest payments are pushing it, we're constitutionally obligated to f pay for the debt every year. when we get to a point where the spending now -- we're on a pace of spending where we're going to have to have dramatic cuts, where is it going to hurt? my district. northern virginia. we're going to have to fire government workers that work in vital sectors of the economy. >> here's a question i'd like to put to both of you. starting with you, ron. hasn't the experiment of austerity been tried in europe already? let's just go to the austerity. at the moment the imf says the european economy will contract over the next year by 1.2%. the same organization says the american economy will grow by 2%. not massive. in the eurozone, the recession is going to last for another 18 months. unemployment in spain, 26%. unemployment in italy, 37% for youth. britain is in a triple recession. britain's pound is at its lowest rate in three years. those nations, that whole
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
. it calls for raising taxes on everyone earning more than $250,000 a year. spends a trillion dollars on public works projects over ten years. >> right. >> you say it will create 7 million jobs by next year. it does not, however, balance the budget. that's something also that the president has talked about. won't this be dead on arrival in the republican house? where do you see this document fitting into the debate? >> first of all, let me say the ryan budget is dead on arrival. so our budget stands, i think, it's better than his does. at least we're doing what the american people want which is to put people back to work. chris, i'm looking for the day where we can evaluate a budget based on whether it puts americans back to work. we don't need to balance the budget in ten years. we need to make steady progress toward reducing the ratio of gdp to deficit. that's what we need to do. what we really need to do and the crisis we actually have is a jobs crisis. we need to put our infrastructure in good repair, which we don't have now and we need public employees like teachers, firefighters
need -- we've gotten less tax revenue because of the recession. and so, remember, the europeans have already bailed out greece, portugal, ireland. so when cyprus went to them, we'll lend you $10 billion. you guys have to come up with $7 billion. and the way the cyprus economy is structured, it's almost all banks. huge banks relative to the size of the economy. and so the solution they came up with was taxing deposits in banks. that has turned out to be incredibly controversial. last night the parliament here voted it down even though there had been intense negotiations for weeks about it. now today, it's about plan "b" and it's not clear whether there will be a plan "b." the banks are closed, only get money out of atms, the financial system here on the verge of collapse. and if things don't get resolved quickly, this could be the first country that leaves the euro, chris. >> obviously, investors around the world are watching this really closely. what about here in the u.s.? what kind of repercussions might we feel here? >> well, the biggest repercussion that we saw is when they decid
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. you can only solve it, the only real approach is the combination of fiscal discipline. there is no tax increase in the world that will solve our long term debt problem. >> senior political editor mark murray joins me live now from cpac. a few moments ago, i understand, senator rand paul was on the stage behind you. is he still going? >> reporter: they are still going. there is a panel right now as you mentioned. the two big speeches this afternoon from florida senator marco rubio as well as rand paul. both of those people are seen as potential 2016 republicans and that's why we're watching them here. they end up getting a big applause from the conservatives in the audience. both about equal applause. marco rubio was talking about his focus on the middle class and he responded to a lot of liberal critics by saying, the republican party doesn't need new ideas. the idea is the american people. on the other hand, you end up having rand paul who ended up saying the republican party needed a change and change in a way, ad hearing mort to the constitution. taking up the charges his father had
we watch the market, the u.s. is out with a reminder to one month before the tax day and time is running out to collect nearly $1 billion in unclaimed money. >> yes, richard, if you didn't file a tax return in 2009, you better hurry up, because the irs says it has $970 million in unclaimed tax refunds from that year owed to nearly 1 million people who failed to file their returns for 2009. the estimate here is that half of the returns are more than $500 and so it is worth looking into whether or not you are owed one. but you must file those 2009 returns by april 15, and that is obviously the deadline to be able to claim your refund. after that, the money is no longer yours, but the property of the u.s. treasury. the good news is here that the irs says there is not going to be any penalty if you file the late return that does qualify you for a refund. >> i will take that money. that is a lot of cash, mandy. take this, samsung has a new phone. >> yes, it has a new phone, the galaxy s4, and a larger and sharper screen and from the predecessor that is best selling 3 and it has upg
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as bond market substitutes, and dividend paying stocks yield more than treasuries, and the tax treatment remains superior and far more bountiful than bond market, interest payments, cow upons taxed at a much higher income rate and created a very helpful investment climate. no matter what critics say, unless unemployment makes a quantum leap to 6.5%, yes, ben bernanke is the father of the bull market. that is for certain. and the fed has been incredibly important impetus behind the giant move. now, there are tons of pessimists out there who believe that because the fed created this environment, the fed is doomed to destroy it. the moment they take away the punch bowl and start tightening, they believe -- i think that's wrong. and more important, i think you are getting ahead of yourself if that's what are you worried about. and people have been worried for a year now. just because bernanke made the bull market, doesn't mean it's a pitiful helpful orphan, the bull can stand on its own four legs, and even if it wants on its own now, i expect bernanke won't tighten until we are at a place we
is saying president obama is wasting her tax dollars on his family and his dog beau. she said stuff in the past that has no facts to back it up. we wanted to ask where she got her fact this is time. we'll show you what happened when dana bash tracked her down. just when you thought you had experienced performance a new ride comes alo and changes everything. the powerful gs. get great values on your favorite lexus models during the command performance sales event. this is the pursuit of perfection. nlove. as americans, we believed we can'tin freedom.person we during the command performance sales event. that's what i fought for as a marine, and that's what we believe in as republicans. freedom means freedom for everyone. i didn't use to understand the importance of same-sex marriage, but after learning my brother was gay i wanted the same rights for him. he was the best man at my wedding and i want to be the best man at his. it's only fair that calvin should have the freedom to marry the person he loves, too. it's time for marriage. google's backyard for the wbing it on challenge.. [f
is it that allowed or condoned or suggested the idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that w
monthly mortgage payments and give you tax-free cash from the equity in your home. and here's the best part -- you still own your home. take control of your retirement today. ♪ ♪ >> there are growing questions about a possible government coverup as we hear claims of the american survivors of the attack in benghazi, libya, they're being told by the feds keep quiet. investigators believe at least 33 people were rescued during that attack. but the public has yet to hear from any of them as senator lindsey graham believes why their stories are so critical. >> i've had contact with some of the survivors, their story is chilling. they feel afraid to tell it as they come forth and tell the story, the best evidence of benghazi, there's not the a bunch of politicians not trying to cover their political (bleep) these are people living through the debacle. i'm trying to get them before the american congress and people in an appropriate fashion so they can learn firsthand what happened in benghazi. >> are the survivors back on the job. >> some are back working for the government and some are
distance toll taxes, so it's a 10% tax on every long distance call, so if we teach people to make free phone call, we're dei have pry -- depriving the government of money to send people off to die in vietnam. so all these different groups that wanted to use this technology. but the one that i really focus on -- i touch on all of these in the book, but the one it turns out to be about is curiosity, about the curious teenagerrings. my book is about people being playful, about being curious, about asking questions like, you know, what happens if i do this? if i can hear these tone, what if the machines can hear me? what happens if i dial this number that's not in the phone wook? what if just permeates my book. and i'd like to share two stories on this theme. one of them is about a blind kid named joan who was -- well, instead of introducing him, let me just read about joe. hang up the phone and leave it alone. joe was about 4 years old when his mother first shouted that phrase at him. it was a shout he would hear again and again as he grew up. his mother could be forgiven for raising her
to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >>> can $10 million make a bunch of stuffy old men less stuffy? less old? less male? it's monday, march 18th and this is "now." >>> joining me today here in washington, d.c., former white house press secretary, and msnbc contributor, robert gibbs, national political reporter at the "washington post," malika henderson, bbc world news anchor, catty kay and "washington post" columnist and msnbc political analyst, the inimitab ablable eugene robinso. >>> four months after the gop's loss at the election, the results are in, cause of death, massive full-body trauma. >> our message was weak, our ground game was insufficient. we weren't inclusive. we were behind in both data and dig
after its parliament rejected an international bailout package that would have taxed savers and depositors. michelle caruso-cabrera is on the ground right now. she joins us live with the very latest from cyprus. over to you, michelle. >> reporter: hey, there, maria. the very latest that the cyprus plan tried in part trying to raid a pension fund. cash in the pension fund used now and promising to pay the workers later. but their european partners said, no, that's not going to work, because all you're going to do is defer liabilities. it doesn't help your debt profile. so we don't like that. now they're working on plan "c." the question is, what is that? here's the very latest, the bank holiday, as a result of all of this indecision and inaction has been extended and now it looks like the banks will not open until tuesday of next week, a full week without the banking system operating. the minister of finance is in russia, trying to square away a deal there. we haven't had any good results from there. and then very, very worrisome, a member of the ecb talking even tougher late
it by reducing and taking away child benefits, which was universal tax credit that was given to all mothers. they did that five months ago. now yesterday they announced that they were going to give credit to parents who were going out to work, but they weren't actually going to bring it into place until 2015 until the next government's in place. so we've got a long way to go until it actually happens. >> there was an interesting survey here in the united states salary.com, i'll give you the stats, they said that mothers spend about 94 hours a week working on their parental duties. this is no real surprise i suppose if you've got kids. things like child care, cooking and cleaning. if they were to get paid for those duties with today's sort of average salary rankings, it comes out to $112,000 a year you'd be paying them. so you generally think stay at home moms aren't respected in great britain or generally speaking within the community? >> no, they're not respected. women visible in country and there are only two countries in the whole world that don't recognize a family, that means a couple
? >> compound tax free offshore, then eventually return. >> you want to see how much they own in real estate, in goal, in forex? >> right. we're going to talk about -- exactly. bridge water -- oh, how is apple doing? >> the analyst out of btig is on the 11:00 hour this morning with us. to his credit he cut the stock when it was $634 last april. missed some of the up side but missed a lot of the downside. he does point out they're probably going to miss. guidance is probably going to miss. management doesn't know what to do with this money. there's products we don't know if they're in the pipeline or if management will even pursue them but he's giving them a huge benefit of the doubt. >> i thought this was one of the most brilliant upgrade i've ever seen. it starts off by basically saying this company is going to blow it. that's why i like it. the reason why i say it is important, this stock has become very psychological. he's basically saying -- he's been at the top before. we know in another bull market he was in there at the top. >> yes, he has the advantage of experience. >> he's saying i
on wednesday, but apparently made little progress in convincing them to accept his demands for tax increases as part of a deficit deal. the senate budget committee began debating its counterproposal to paul ryan's budget. the sausage making process continues in the u.s. and in europe where the european parliament, get this, has stripped down a budget deal reached by eu leaders last month that called for significant changes. mvps did not change the 960 billion euro spending limit, but pressed for the distribution of funds and a mid year review. the european parliament chair called the move an important step for democracy. >> the parliaments want to be taken as a serious partner. we are prepared to negotiate. this is an offer to the council to compromise and improve the framework. >> now, this comes as european union heads of state are kicking off another two-day summit in brussels today. leaders reportedly making plans to loosen the rules which will allow the companies more time to balance their budgets. julia chatterly is live in brussels. julia, germany made a point ahead of this meeting to
thought this was going to be a big heavy tax on consumers this year. >> the pump price was getting up there because the gasoline wasn't being made. we still haven't seen what might happen this summer. gasoline produces have never been as high in february as they were last year. so that's something to march. but the crude market had a lot of inches, the chinese economy looked like it was rip roaring in gdp dpoeth. and both of those were kind of head fakes at the beginning of the year. the chinese had new refining capacity, they're using it and pushing product out into the world market. >> we have been watching a lot of new production that's coming online in the united states. and people think that that could be the thing that really pulls us out, a new job creation, a new economic stimulus coming from energy. are you in that camp? >> actually i was among those who started that camp. i got on to that bandwagon pretty early. we think gdp could be by 2020 three full percentage points higher than it would be without the oil, the jobs created will be somewhere between 3 million and 4 millio
the budget, ever. in fact, they call for another trillion dollar plus tax hike on top of even more spending. if we did nothing, meaning not pass the budget, the government would save money. look, we take the opposite approach. i am proud of our budget. it has changed the conversation. today, we're not talking about cliffs or ceilings or sequesters. we're talking about solutions. and that's how it should be. our budget expands opportunity by growingeconomy. it strengthens the safety net by retooling, and restores government by ending cronyism. >> all right. we'll step away from congressman paul ryan, obviously he explain the audience at cpac. we'll continue to monitor congressman ryan's comments and bring you more as they come in. we'll take a quick break. back with more. gy. departure. hertz gold plus rewards also offers ereturn-- our fastest way to return your car. just note your mileage and zap ! you're outta there ! we'll e-mail your receipt in a flash, too. it's just another way you'll be traveling at the speed of hertz. some people will do anything to help eliminate litter box odor.
. and of course, others more conservative who said they're just not going to raise taxes. we saw that reflected to some extent in the op-ed that house speaker john boehner wrote today, in which he really called on the president to come forward more with entitlements, to be willing to give up more on entitlements, that of course is the other big sticking point in these negotiations. i can tell you, andrea, that according to a senior administration official, the president is planning to have more of these meetings, once he returns from israel. apparently during this so-called charm offensive, which really started last week and continued into this week. a number of republicans did express a desire to have more meetings. so in terms of what got accomplished, everyone agrees this was really a first step. and nothing major was accomplished, nothing tangible. however, there is a sense that there will be future conversations and that there is some potential room there for movement. >> andrea? >> and chris icillizza, we're told now that. >>> amy was right, supporting it and is one thing. going out and s
at an absolute stranglehold because republicans say, look, tax cuts give more money to people. and when people have more money, they open up their small businesses, their medium-size businesses they employ more people. if people are getting money out of the stock market will it be the same? >> well, will they start to hire? that's this disconnect that we're seeing right not. you're not seeing the job growth come along with the economic growth. that's what's frustrating. when i talk about new millionaires being minted in the stock market. i get angry feedback. i'm in under water in my loan. i'm not in the stock market. i don't have a good job to do this. >> you know what they say about depression babies? >> what? >> they never change their ways after the depression. that's why they've been careful. >> if you were careful, you would nut miss a big rally here. >> good to see you. >> you, too. >>> we have a lot of other big news, a close call actually for the new head of the catholic church. yikes, a stumble. can recovery, though. pope francis stumbling after meeting with cardinals in vatican city
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